Hedge fund that bet against GameStop shuts down

49
23
Favorite

Hedge fund that bet against GameStop shuts down

Financial Times2021-06-22

White Square move marks one of first closures of fund hit by surges in so-called meme stocks. Please use the sharing tools found via the share button at the top or side of articles. Copying articles ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment（23）

Luisjane
·2021-06-23
Wow
Reply
Like
Report
ken84shin
·2021-06-22
Nice
Reply
Like
Report
nAonkA
·2021-06-22
Nice
Reply
Like
Report
Waiteng
·2021-06-22
Blackberry pls
Reply
Like
Report
MemeTrader
·2021-06-22
More to come!
Reply
Like
Report
Vonz
·2021-06-22
Wow
Reply
Like
Report
Prislim
·2021-06-22
Please like & comment. Thank you :)
Reply
4
Report
Fold Replies
- MemeTrader:
  Done.
  2021-06-22
  Reply
  Report
- Vonz:
  done
  2021-06-22
  Reply
  Report
Tunaaa
·2021-06-22
Omo like this pls
Reply
1
Report
myam
·2021-06-22
Great news
Reply
4
Report
2020TS
·2021-06-22
Next to stock to hit Hedgies after GamesStop are AMC, CLOV, BB
Reply
3
Report
Unolunaris
·2021-06-22
Oh no!!Why would this happen to a company??
Reply
2
Report
Mandyloytt
·2021-06-22
Wow
Reply
1
Report
Ling96000
·2021-06-22
like
Reply
3
Report
Khooec
·2021-06-22
good
Reply
2
Report
Fold Replies
- Khooec:
  1
  2021-09-01
  Reply
  Report
- Khooec:
  1
  2021-08-31
  Reply
  Report
- Khooec:
  1
  2021-08-30
  Reply
  Report
View more 2 comments
Alvinkoo
·2021-06-22
Well done.
Reply
2
Report
Bangaram
·2021-06-22
Ha ha
Reply
2
Report
spj
·2021-06-22
Next is Shitadel!!
Reply
2
Report
Kiattt
·2021-06-22
Ok. Pls like and comment pls. Ty
Reply
6
Report
Fold Replies
- Kiattt:
  D
  2021-06-23
  Reply
  Report
- R_Trader:
  comment back please
  2021-06-22
  Reply
  Report
- KGS:
  Please like and comment thanks
  2021-06-22
  Reply
  Report
liontrader94
·2021-06-22
Apes versus man in suits
Reply
5
Report
Fold Replies
- Khoogl:
  Like
  2021-06-22
  Reply
  Report
- Kiattt:
  Yes
  2021-06-22
  Reply
  Report
HW33
·2021-06-22
?
Reply
5
Report
Fold Replies
- Fiona888:
  yes
  2021-06-22
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1147836907?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-06-22 16:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1147836907","market":"us","top_or_hot":-1,"title":"Hedge fund that bet against GameStop shuts down","media":"Financial Times","content":"<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Source Link</a>\n\n</div>\n","source":"lsy1580170736413","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GME","symbol_name":"游戏驿站","start_time":0,"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","article_id":"1147836907","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","pubTimestamp":1624351692,"sourceInfo":{"source_id":"lsy1580170736413","name":"The Financial Times"},"weMediaInfo":null,"summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","collect":0,"end_time":0,"defaultTopTitle":"ft.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GME":"游戏驿站"},"translate_title":"做空游戏驿站对冲基金倒闭","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GME":0.9},"content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":129410038,"gmtCreate":1624380526624,"gmtModify":1703835140347,"author":{"id":"3581557463071510","authorId":"3581557463071510","name":"Luisjane","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581557463071510","authorIdStr":"3581557463071510"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129410038","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129614174,"gmtCreate":1624370835798,"gmtModify":1703834724482,"author":{"id":"3566377871128505","authorId":"3566377871128505","name":"ken84shin","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3566377871128505","authorIdStr":"3566377871128505"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129614174","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129194439,"gmtCreate":1624363830221,"gmtModify":1703834413523,"author":{"id":"3567471451546980","authorId":"3567471451546980","name":"nAonkA","avatar":"https://static.tigerbbs.com/2c5905f2cf61636f82bdd3d58203997c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3567471451546980","authorIdStr":"3567471451546980"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129194439","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129106416,"gmtCreate":1624362965735,"gmtModify":1703834397309,"author":{"id":"3575527807226726","authorId":"3575527807226726","name":"Waiteng","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575527807226726","authorIdStr":"3575527807226726"},"htmlText":"Blackberry pls","listText":"Blackberry pls","text":"Blackberry pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129106416","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129368015,"gmtCreate":1624359963237,"gmtModify":1703834320334,"author":{"id":"3578535572025884","authorId":"3578535572025884","name":"MemeTrader","avatar":"https://static.tigerbbs.com/cdd6f948b4e50b4e4707503cb7d7917a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578535572025884","authorIdStr":"3578535572025884"},"htmlText":"More to come!&nbsp;","listText":"More to come!&nbsp;","text":"More to come!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129368015","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129315354,"gmtCreate":1624358979878,"gmtModify":1703834298282,"author":{"id":"3581046107767827","authorId":"3581046107767827","name":"Vonz","avatar":"https://static.tigerbbs.com/5a1cb72de358038a377e7053d898bb82","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3581046107767827","authorIdStr":"3581046107767827"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129315354","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129396075,"gmtCreate":1624356896397,"gmtModify":1703834264239,"author":{"id":"3560770613111444","authorId":"3560770613111444","name":"Prislim","avatar":"https://static.tigerbbs.com/d0286d6468d579d930c0d882a72b65c4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3560770613111444","authorIdStr":"3560770613111444"},"htmlText":"Please like &amp; comment. Thank you :)&nbsp;","listText":"Please like &amp; comment. Thank you :)&nbsp;","text":"Please like & comment. Thank you :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/129396075","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4954113,"gmtCreate":1624359979218,"gmtModify":1663229713643,"authorId":3578535572025884,"author":{"id":3578535572025884,"idStr":"3578535572025884","authorId":3578535572025884,"name":"MemeTrader","avatar":"https://static.tigerbbs.com/cdd6f948b4e50b4e4707503cb7d7917a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129396075,"type":1,"supId":0,"prevId":0,"content":"Done.","text":"Done.","html":"Done."},{"id":4953935,"gmtCreate":1624358989448,"gmtModify":1663229711032,"authorId":3581046107767827,"author":{"id":3581046107767827,"idStr":"3581046107767827","authorId":3581046107767827,"name":"Vonz","avatar":"https://static.tigerbbs.com/5a1cb72de358038a377e7053d898bb82","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129396075,"type":1,"supId":0,"prevId":0,"content":"<u>done</u>","text":"<u>done</u>","html":"<u>done</u>"}],"langContent":"EN"},{"id":129306639,"gmtCreate":1624356123121,"gmtModify":1703834250467,"author":{"id":"3586991451337808","authorId":"3586991451337808","name":"Tunaaa","avatar":"https://static.tigerbbs.com/ce153d45d93b437fb6713a9e09b459b7","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586991451337808","authorIdStr":"3586991451337808"},"htmlText":"Omo like this pls","listText":"Omo like this pls","text":"Omo like this pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129306639","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129978128,"gmtCreate":1624355119364,"gmtModify":1703834234606,"author":{"id":"3575348327287185","authorId":"3575348327287185","name":"myam","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575348327287185","authorIdStr":"3575348327287185"},"htmlText":"Great news&nbsp;","listText":"Great news&nbsp;","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129978128","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129970570,"gmtCreate":1624354904590,"gmtModify":1703834228605,"author":{"id":"3568580098685907","authorId":"3568580098685907","name":"2020TS","avatar":"https://community-static.tradeup.com/news/11248151fdcb83034da72e0a80b4d0ae","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3568580098685907","authorIdStr":"3568580098685907"},"htmlText":"Next to stock to hit&nbsp;Hedgies after GamesStop are AMC, CLOV, BB","listText":"Next to stock to hit&nbsp;Hedgies after GamesStop are AMC, CLOV, BB","text":"Next to stock to hit Hedgies after GamesStop are AMC, CLOV, BB","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129970570","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129945090,"gmtCreate":1624354598510,"gmtModify":1703834222594,"author":{"id":"3573505316634066","authorId":"3573505316634066","name":"Unolunaris","avatar":"https://static.tigerbbs.com/3c9989be8772b142ddec58d79ea98b83","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3573505316634066","authorIdStr":"3573505316634066"},"htmlText":"Oh no!!Why would this happen to a company??","listText":"Oh no!!Why would this happen to a company??","text":"Oh no!!Why would this happen to a company??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129945090","repostId":1147836907,"repostType":2,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129952781,"gmtCreate":1624353665443,"gmtModify":1703834208975,"author":{"id":"3582274281329692","authorId":"3582274281329692","name":"Mandyloytt","avatar":"https://static.tigerbbs.com/ce7940386511c098f40a410d5e4372c4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582274281329692","authorIdStr":"3582274281329692"},"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129952781","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129956853,"gmtCreate":1624353573273,"gmtModify":1703834207032,"author":{"id":"3582201259788496","authorId":"3582201259788496","name":"Ling96000","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582201259788496","authorIdStr":"3582201259788496"},"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129956853","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129953253,"gmtCreate":1624353466372,"gmtModify":1703834203094,"author":{"id":"3578908712005368","authorId":"3578908712005368","name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":8,"crmLevelSwitch":1,"idStr":"3578908712005368","authorIdStr":"3578908712005368"},"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":50,"repostSize":0,"link":"https://ttm.financial/post/129953253","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5715678,"gmtCreate":1630480146616,"gmtModify":1663233216835,"authorId":3578908712005368,"author":{"id":3578908712005368,"idStr":"3578908712005368","authorId":3578908712005368,"name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.66%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129953253,"type":1,"supId":0,"prevId":0,"content":"1","text":"1","html":"1"},{"id":5704010,"gmtCreate":1630395914570,"gmtModify":1663233165832,"authorId":3578908712005368,"author":{"id":3578908712005368,"idStr":"3578908712005368","authorId":3578908712005368,"name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.66%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129953253,"type":1,"supId":0,"prevId":0,"content":"1","text":"1","html":"1"},{"id":5686346,"gmtCreate":1630271055289,"gmtModify":1663233077947,"authorId":3578908712005368,"author":{"id":3578908712005368,"idStr":"3578908712005368","authorId":3578908712005368,"name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.66%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129953253,"type":1,"supId":0,"prevId":0,"content":"1","text":"1","html":"1"},{"id":5682977,"gmtCreate":1630218893295,"gmtModify":1663233065827,"authorId":3578908712005368,"author":{"id":3578908712005368,"idStr":"3578908712005368","authorId":3578908712005368,"name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.66%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129953253,"type":1,"supId":0,"prevId":0,"content":"1","text":"1","html":"1"},{"id":5595166,"gmtCreate":1629501925103,"gmtModify":1663232681045,"authorId":3578908712005368,"author":{"id":3578908712005368,"idStr":"3578908712005368","authorId":3578908712005368,"name":"Khooec","avatar":"https://static.tigerbbs.com/608a7e8f206f43ba68559785048615bf","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.66%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129953253,"type":1,"supId":0,"prevId":0,"content":"1","text":"1","html":"1"}],"langContent":"EN"},{"id":129950535,"gmtCreate":1624353328627,"gmtModify":1703834200331,"author":{"id":"3570103165740696","authorId":"3570103165740696","name":"Alvinkoo","avatar":"https://static.tigerbbs.com/125771a54fe45d46a60a4151d53465e1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3570103165740696","authorIdStr":"3570103165740696"},"htmlText":"Well done.","listText":"Well done.","text":"Well done.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129950535","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129928067,"gmtCreate":1624352934459,"gmtModify":1703834192026,"author":{"id":"3574855965218634","authorId":"3574855965218634","name":"Bangaram","avatar":"https://static.tigerbbs.com/3c26643528d1c3fdd083336c2454f51e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574855965218634","authorIdStr":"3574855965218634"},"htmlText":"Ha ha&nbsp;","listText":"Ha ha&nbsp;","text":"Ha ha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129928067","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129967760,"gmtCreate":1624352599550,"gmtModify":1703834184028,"author":{"id":"3577478273531959","authorId":"3577478273531959","name":"spj","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3577478273531959","authorIdStr":"3577478273531959"},"htmlText":"Next is Shitadel!!","listText":"Next is Shitadel!!","text":"Next is Shitadel!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129967760","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129965177,"gmtCreate":1624352359099,"gmtModify":1703834180426,"author":{"id":"3575378956741249","authorId":"3575378956741249","name":"Kiattt","avatar":"https://community-static.tradeup.com/news/e6d09fa1316db5994a40917a273216eb","vip":1,"hat":"https://static.tigerbbs.com/f84859c65fc2d7681e28f6b8e9b0535a","crmLevel":6,"crmLevelSwitch":1,"idStr":"3575378956741249","authorIdStr":"3575378956741249"},"htmlText":"Ok. Pls like and comment pls. Ty&nbsp;","listText":"Ok. Pls like and comment pls. Ty&nbsp;","text":"Ok. Pls like and comment pls. Ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/129965177","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4976267,"gmtCreate":1624454595083,"gmtModify":1663229816427,"authorId":3575378956741249,"author":{"id":3575378956741249,"idStr":"3575378956741249","authorId":3575378956741249,"name":"Kiattt","avatar":"https://community-static.tradeup.com/news/e6d09fa1316db5994a40917a273216eb","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.18","exceedPercentage":"80.98%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129965177,"type":1,"supId":4953049,"prevId":0,"content":"<u>D</u>","text":"<u>D</u>","html":"<u>D</u>"},{"id":4953049,"gmtCreate":1624352752669,"gmtModify":1663229710026,"authorId":3554539170413576,"author":{"id":3554539170413576,"idStr":"3554539170413576","authorId":3554539170413576,"name":"R_Trader","avatar":"https://static.tigerbbs.com/c95fe5dcdc683bbdd232b6cb75e4b6d2","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129965177,"type":1,"supId":0,"prevId":0,"content":"comment back <u>please</u>","text":"comment back <u>please</u>","html":"comment back <u>please</u>"},{"id":4953098,"gmtCreate":1624353103884,"gmtModify":1663229709147,"authorId":3585396388106881,"author":{"id":3585396388106881,"idStr":"3585396388106881","authorId":3585396388106881,"name":"KGS","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129965177,"type":1,"supId":4953049,"prevId":0,"content":"Please like and comment <u>thanks</u>","text":"Please like and comment <u>thanks</u>","html":"Please like and comment <u>thanks</u>"}],"langContent":"EN"},{"id":129962488,"gmtCreate":1624352319544,"gmtModify":1703834179937,"author":{"id":"3561256505030981","authorId":"3561256505030981","name":"liontrader94","avatar":"https://static.tigerbbs.com/11eb41b2b8b8d60549fc4a2e081f8ee0","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3561256505030981","authorIdStr":"3561256505030981"},"htmlText":"Apes versus man in suits","listText":"Apes versus man in suits","text":"Apes versus man in suits","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/129962488","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4953011,"gmtCreate":1624352413375,"gmtModify":1663229706730,"authorId":3566032787349185,"author":{"id":3566032787349185,"idStr":"3566032787349185","authorId":3566032787349185,"name":"Khoogl","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129962488,"type":1,"supId":4953005,"prevId":0,"content":"<u>Like</u>","text":"<u>Like</u>","html":"<u>Like</u>"},{"id":4953005,"gmtCreate":1624352374117,"gmtModify":1663229706045,"authorId":3575378956741249,"author":{"id":3575378956741249,"idStr":"3575378956741249","authorId":3575378956741249,"name":"Kiattt","avatar":"https://community-static.tradeup.com/news/e6d09fa1316db5994a40917a273216eb","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.18","exceedPercentage":"80.98%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129962488,"type":1,"supId":0,"prevId":0,"content":"<u>Yes</u>","text":"<u>Yes</u>","html":"<u>Yes</u>"}],"langContent":"EN"},{"id":129963446,"gmtCreate":1624352031585,"gmtModify":1703834174049,"author":{"id":"3581808737736385","authorId":"3581808737736385","name":"HW33","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581808737736385","authorIdStr":"3581808737736385"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129963446","repostId":1147836907,"repostType":4,"repost":{"id":"1147836907","pubTimestamp":1624351692,"share":"https://ttm.financial/m/news/1147836907?lang=&edition=fundamental","pubTime":"2021-06-22 16:48","market":"us","language":"en","title":"Hedge fund that bet against GameStop shuts down","url":"https://stock-news.laohu8.com/highlight/detail?id=1147836907","media":"Financial Times","summary":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPleas","content":"<blockquote>\n White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n</blockquote>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of</p>\n<p>FT.com T&amp;Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.</p>\n<p>https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev</p>\n<p>A London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.</p>\n<p>White Square Capital, run by former Paulson &amp; Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.</p>\n<p>White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.</p>\n<p>The move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.</p>\n<p>That led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.</p>\n<p>“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.</p>\n<p>“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”</p>\n<p>A person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.</p>\n<p>Among other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.</p>\n<p>Kronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.</p>\n<p>In the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.</p>\n<p>According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.</p>\n<p>“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.</p>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge fund that bet against GameStop shuts down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge fund that bet against GameStop shuts down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles ...</p>\n\n<a href=\"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147836907","content_text":"White Square move marks one of first closures of fund hit by surges in so-called meme stocks.\n\nPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of\nFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.\nhttps://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\nA London-based hedge fund that suffered losses betting against US retailer GameStop during the first meme stock rally in January is shutting its doors.\nWhite Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.\nWhite Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.\nThe move marks one of the first closures of a hedge fund hit by the huge surges in so-called meme stocks. Retail investors, often co-ordinating their actions on online forums such as Reddit’s r/WallStreetBets and in some cases deliberately targeting hedge fund short sellers, drove up the price of stocks such as GameStop and cinema chain AMC Entertainment in January and again in recent weeks. GameStop, for instance, soared from less than $20 at the start of the year to more than $480 at its January peak.\nThat led to big losses for some funds, including US-based Melvin Capital, run by Steve Cohen protégé Gabe Plotkin, and Light Street Capital, run by Glen Kacher, a former Tiger cub who worked at Julian Robertson’s Tiger Management. However, the funds remain in operation, and shortly after its losses Melvin received a $2.75bn investment from Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.\n“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter.\n“There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”\nA person close to the fund said the decision to shut was unrelated to the meme stock rally. The fund quickly rebounded in the wake of January’s turmoil and made back “a fair share” of the losses, the person added.\nAmong other funds hit, Melvin was still down about 44.7 per cent this year to the end of last month, while Light Street was down about 20.1 per cent.\nKronawitter, who previously worked at US billionaire John Paulson’s hedge fund and Merrill Lynch, had made double-digit gains at White Square in 2015 and 2016, said a person who had seen the numbers, while last year it made about 19 per cent.\nIn the investor letter announcing the fund’s closure, White Square said that last year, despite that year’s strong performance, two large investors had opted to withdraw their cash and put it in cheap passive funds or private equity. “We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added.\nAccording to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund.\n“The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4952956,"gmtCreate":1624352039408,"gmtModify":1663229707544,"authorId":3581675432544786,"author":{"id":3581675432544786,"idStr":"3581675432544786","authorId":3581675432544786,"name":"Fiona888","avatar":"https://static.tigerbbs.com/42688ec73bb74970876cdb05131f23f7","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129963446,"type":1,"supId":0,"prevId":0,"content":"<u>yes</u>","text":"<u>yes</u>","html":"<u>yes</u>"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":49,"commentSize":23,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}